Core Points - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board [1] - The total number of shares to be issued is 119,492,000, with an issue price of RMB 13.75 per share [1][2] - The IPO will consist of strategic placement, offline issuance, and online issuance [1] Issuance Details - The total number of shares offered in the IPO is 119,492,000, representing 10% of the total shares post-issuance [2] - The initial strategic placement is 11,949,200 shares, also 10% of the total issuance [2][5] - The offline issuance initially accounted for 75,280,300 shares (70% of the remaining shares), while online issuance accounted for 32,262,500 shares (30%) [2] Subscription and Allocation - The online subscription saw an effective subscription multiple of 6,927.0167 times, leading to a decision to activate the allocation mechanism [3] - After the allocation, the final online issuance quantity is 75,280,000 shares, while the offline issuance is 32,262,800 shares [3] - The final online subscription rate is 0.0336849074%, with an effective subscription multiple of 2,968.6885858 times [3] Financial Statistics - The total amount raised from online investors is RMB 1,030,292,670, while offline investors raised RMB 443,613,500 [8] - The total issuance costs amount to RMB 83.0212 million, with underwriting fees of RMB 51.8868 million [10] - The underwriting firm, China Merchants Securities Co., Ltd., will underwrite any shares that are not subscribed [7] Lock-up Period - For offline investors, 30% of the shares will have a lock-up period of 6 months from the date of listing [5][6]

Core Points - Marco Polo Holdings Co., Ltd. has received approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission for its initial public offering (IPO) and main board listing [1][4] - Investors are required to fulfill their payment obligations by October 15, 2025, to avoid forfeiting their subscription [1] - The underwriter, China Merchants Securities Co., Ltd., will underwrite any shares that are not subscribed by investors [1] Summary by Sections - **IPO Details** - The IPO application has been approved and registered, allowing for the public offering of shares [1] - The shares offered online will have no restrictions on circulation and can be traded immediately upon listing [2] - **Investor Obligations** - Investors who fail to pay for shares after winning a subscription three times within 12 months will be barred from participating in future online subscriptions for six months [2][3] - The announcement serves as a payment notification for investors who have won shares in the online subscription [3] - **Subscription Results** - A total of 150,560 winning numbers were announced, with each winning number allowing for the subscription of 500 shares of Marco Polo A-shares [3]

Core Viewpoint - Marco Polo Holdings Co., Ltd. is set to issue 119.492 million shares at a price of 13.75 yuan per share, resulting in a diluted static P/E ratio of 14.27, which is significantly lower than the industry average of 32.20 and 27.69 for comparable companies, indicating reasonable pricing for the issuance [1] Group 1: Company Overview - Marco Polo owns two major brands, "Marco Polo Tiles" and "Weimei L&D Ceramics," which have a strong reputation both domestically and internationally [3] - The brand value of "Marco Polo Tiles" has ranked first in the building ceramics industry for 13 consecutive years, while "Weimei L&D Ceramics" ranks sixth [3] Group 2: Innovation and Technology - The company has achieved significant product innovation with core technologies such as curved rock slabs, 3mm SPT intelligent polished bright rock slabs, and AI random infinite patterns, which enhance product functionality and market appeal [4] - Marco Polo has implemented green manufacturing practices, utilizing tailings and low-temperature fast firing technologies to achieve a fully green and low-carbon production process [7] Group 3: Market Trends and Policies - The "Green Building Materials" policy aims to boost the green building materials market, with projected revenues exceeding 300 billion yuan by 2026, encouraging a shift from traditional materials to green alternatives [6][10] - The policy also supports the integration of green materials into consumer goods replacement programs, enhancing the market for eco-friendly products [6][10] Group 4: Competitive Positioning - Marco Polo is well-positioned to capitalize on the green building materials trend, having established a competitive edge through early adoption of green production practices [7] - The company has been recognized with national "Green Factory" titles for several of its subsidiaries, reinforcing its commitment to sustainable practices [7] Group 5: Market Dynamics - The building ceramics industry is expected to undergo a structural transformation, with increased concentration and a shift towards green and value-added products [14] - Smaller companies lacking green technology may exit the market, allowing leading firms like Marco Polo to capture greater market share and enhance profitability [14] Group 6: Sales and Distribution Strategy - Marco Polo has over 8,000 sales terminals, which supports the absorption of new production capacity and ensures stable revenue growth [13] - The company is actively collaborating with large home decoration enterprises to expand its market presence and adapt to changing consumer preferences [12][13]

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei LD Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on both glazed and unglazed tiles [2] - Projected revenues for 2022 to 2024 are 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company focused on original innovation, with a leading global rice recombinant protein expression system [3] - The company has developed a third-generation technology platform achieving 20-30g/kg expression levels of human albumin, with several products in various stages of clinical research [3][4] - Projected revenues for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display manufacturers [5][6] - Projected revenues for 2022 to 2024 are 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector [7] - Projected revenues for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, with several products in various stages of clinical trials [9] - The company has a core product, BEBT-908, that has been approved for market, while others are in different phases of clinical trials [9][10] - Projected net losses for 2022 to 2024 are 188 million, 173 million, and 56 million yuan respectively [10][11]

Group 1 - The company Marco Polo has initiated its subscription process, with a total issuance of 119.49 million shares, including 32.26 million shares for online subscription at a price of 13.75 yuan per share, resulting in a price-earnings ratio of 14.27 times [1][3] - The maximum subscription limit for a single account is set at 32,000 shares, with subscriptions required to be in multiples of 500 shares [1][3] - The company specializes in the research, production, and sales of architectural ceramics [2] Group 2 - The funds raised will be allocated to various projects, including a special high-performance ceramic board project with an investment of 781.37 million yuan and an intelligent ceramic home industry park project with an investment of 674.38 million yuan [4] - Key financial indicators for the company show total assets of 142.33 billion yuan in 2024, a net asset of 96.62 billion yuan, and an operating income of 73.24 billion yuan [4] - The net profit for 2024 is projected at 1.33 billion yuan, with a basic earnings per share of 1.23 yuan [4]

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei L&D Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on glazed and unglazed tiles [2] - For the fiscal years 2022 to 2024, Marco Polo's revenue is projected to be 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company that has developed a leading rice recombinant protein expression system [3] - The company has achieved a human albumin expression level of 20-30g/kg using its OryzHiExp third-generation technology platform [3] - Revenue projections for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3][4] - The raised funds will be allocated to the construction of an industrial base for recombinant human albumin and new drug development projects [4] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display panel manufacturers [6] - Revenue for 2022 to 2024 is expected to be 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] - The funds raised will be used for high-layer and HDI project investments and to repay bank loans [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and foreign invention patents in the 12-inch silicon wafer sector in mainland China [7] - Revenue projections for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] - The raised funds will be fully invested in the second phase of the Xi'an Yiswei silicon industry base project [8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, including cancer and autoimmune diseases [9] - The company has several products in various stages of clinical trials, with its core product BEBT-908 already approved for market [9][10] - Revenue projections for 2022 to 2024 indicate net losses of 188 million, 173 million, and 56 million yuan respectively [10] - The funds raised will be used for new drug development and the establishment of a research center and formulation industrialization base [11]

Core Viewpoint - The article discusses the upcoming IPOs in the A-share market, highlighting five companies that will be available for subscription this week, emphasizing their business focus and financial performance. Group 1: Upcoming IPOs - This week (October 13-17), there will be five new stocks available for subscription in the A-share market, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with an IPO price of 13.75 CNY per share and a subscription limit of 32,000 shares per account [1][2] - He Yuan Bio is an innovative biopharmaceutical company with a subscription limit of 14,000 shares per account, focusing on recombinant human albumin production [3][4] - Chao Ying Electronics specializes in automotive electronic PCBs, with a subscription limit of 12,500 shares per account [5][7] - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, with a subscription limit of 53,500 shares per account [8][9] - Biobetter focuses on innovative drug development for major diseases, with a subscription limit of 14,000 shares per account [10][12] Group 2: Financial Performance - Marco Polo's projected revenues for 2022-2024 are 8.661 billion CNY, 8.925 billion CNY, and 7.324 billion CNY, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [2] - He Yuan Bio's projected revenues for 2022-2024 are 0.13 billion CNY, 0.24 billion CNY, and 0.25 billion CNY, with net losses of 1.44 billion CNY, 1.87 billion CNY, and 1.51 billion CNY [3][4] - Chao Ying Electronics' projected revenues for 2022-2024 are 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [6][7] - Xi'an Yicai's projected revenues for 2022-2024 are 1.055 billion CNY, 1.474 billion CNY, and 2.121 billion CNY, with net losses of 0.412 billion CNY, 0.578 billion CNY, and 0.738 billion CNY [8][9] - Biobetter's projected net losses for 2022-2024 are 0.188 billion CNY, 0.173 billion CNY, and 0.056 billion CNY [10][11]

Market Overview - On October 10, 2025, the A-share market saw all three major indices decline, with the Shanghai Composite Index closing at 3897.03 points, down 0.94%, and the Shenzhen Component Index down 2.7% at 13355.42 points. The ChiNext Index fell 4.55% to 3113.26 points. Despite the overall decline, over 2700 stocks rose, with total trading volume in the Shanghai and Shenzhen markets at 2.52 trillion yuan, a decrease of 130 billion yuan from the previous trading day [1] - The Hong Kong stock market also experienced declines, with the Hang Seng Index dropping 1.73% to 26290.32 points, marking five consecutive days of losses. The total trading volume was 333.74 billion HKD, with the Hang Seng China Enterprises Index down 1.8% and the Hang Seng Tech Index down 3.27%. For the week, the Hang Seng Index fell 3.13% [1] - In the U.S. market, major indices faced significant drops due to comments from President Trump and a government shutdown crisis, with the Dow Jones falling 1.9%, the Nasdaq plummeting 3.56%, and the S&P 500 down 2.71%. All three indices recorded weekly declines exceeding 2.4% [1] New Stock Subscription - A new stock, Marco Polo (stock code 001386), is available for subscription at an issuance price of 13.75 yuan per share, with a price-to-earnings ratio of 14.27. The company is a leading manufacturer and seller of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei L&D Ceramics." It operates five production bases in China and the U.S., offering a comprehensive range of products including glazed and unglazed tiles [2] Important News - On October 11, 2025, the Shanghai Municipal Government issued measures to accelerate the innovation of frontier technologies and the cultivation of future industries. The measures focus on six key development areas: future manufacturing, future information, future materials, future energy, future space, and future health. The plan includes support for reducing costs and improving accessibility in fields like cell and gene therapy, brain-machine interfaces, and biological manufacturing [2] Regulatory Actions - The China Securities Regulatory Commission (CSRC) announced administrative penalties against *ST Yuancheng for serious financial fraud, proposing a fine of 37.45 million yuan for the company and a total of 42 million yuan for five responsible individuals. The company was found to have inflated revenue and profits for three consecutive years, violating securities laws. The CSRC will initiate delisting procedures due to significant violations, and potential criminal evidence will be referred to law enforcement [4]

Core Viewpoint - The company Marco Polo is a leading player in the domestic ceramic tile industry, with a strong brand value and a focus on expanding into related home furnishing products and innovative new offerings [2][3]. Group 1: Company Overview - The company is listed on the Shenzhen Main Board with the stock code 001386 and has an issuance price of 13.75 yuan [2]. - The total market capitalization of the company is 14.79 billion yuan, with an industry P/E ratio of 14.27 [2]. - The main business composition includes 98.14% glazed tiles and 1.86% unglazed tiles [2]. Group 2: Financial Performance - The company reported revenues of 7.324 billion yuan in 2024, reflecting a decrease of 17.93% compared to the previous year [3]. - The net profit attributable to the parent company was 8.925 billion yuan in 2023, showing an increase of 3.05% from 2022, which had a net profit of 8.661 billion yuan, down by 7.52% [3]. Group 3: Business Highlights and Future Plans - The company is gradually expanding into finished furniture and related home scenarios while actively developing new products, including curved electric ceramic tiles and 2.5mm ultra-thin high-strength decorative ceramic slabs [2]. - The fundraising will be directed towards upgrading the intelligent ceramic home industry park and green intelligent manufacturing projects in Jiangxi and Guangdong [3].

Group 1: New IPOs and Market Overview - This week (October 13 to 17), there are 5 new stocks available for subscription, including 1 from the Shanghai Main Board, 1 from the Shenzhen Main Board, and 3 from the Sci-Tech Innovation Board [1][2] - Xi'an Yicai ranks second in total shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, indicating a potentially high probability of winning the subscription [1] - Marco Polo, a new stock on the Shenzhen Main Board, has an issue price of 13.75 yuan and a price-to-earnings ratio of 14.27, compared to the industry average of 28.02 [2] Group 2: Company Profiles and Financials - He Yuan Bio, launching on October 14, focuses on plant-based recombinant protein technology and has 8 products in development or on the market. Its core product, HY1001, is the first recombinant human albumin drug approved in China, addressing a market size of approximately 30% of human serum albumin [1][3] - Marco Polo is the largest manufacturer and seller of building ceramics in China, with a total fundraising amount of 1.643 billion yuan from its IPO [2] - Xi'an Yicai, a leading supplier of 12-inch silicon wafers, aims to raise 4.9 billion yuan through its IPO [4] - Biotech company Bibet focuses on innovative drug development for major diseases and plans to raise 2.005 billion yuan in its IPO [4] Group 3: Upcoming IPO Meetings - Three companies are scheduled for IPO meetings this week: Youxun Co. and Angrui Micro on the Sci-Tech Innovation Board, and Tian Su Measurement on the Growth Enterprise Market [5][6] - Youxun Co. specializes in optical communication chips and aims to raise 809 million yuan [6] - Angrui Micro focuses on RF and analog integrated circuit design, with a planned fundraising of 2.067 billion yuan [6] - Tian Su Measurement provides third-party measurement and testing services, targeting a fundraising of 424 million yuan [6]